Extriver Partners
03

Portfolio

Not every market we find becomes software.

Some opportunities are best captured as capital. When our research finds a company before the market does, we back it as a venture investment; when it finds mispriced value in the public markets, we take a position in listed equity.

Venture investments and listed equity positions selected through the same research system that drives our products.

Total value created
₩241,900,000
Total profit
₩176,000,000
Venture capital deployed
₩150,000,000
Active holdings
2
MOIC
3.67×
Listed CAGR (TWR)
34.3%
01

Venture Capital

01

Early-stage companies identified through market, product, and business-model research.

Featured investmentVenture

Afformation

An early-stage company identified through the market and product research process that also drives our own software. The investment reflects the crossover between our product research and venture capital.

Research processMarket intelligence → Business-model research → Product validation → Investment
afformation.co.kr ↗
Investment
₩150,000,000
Stage
Early stage
Location
Korea
Status
Active

Sector, business model, and thesis details for Afformation to be added.

02

Public Equity

04

Listed companies selected through quantitative, regime, macro, and financial analysis.

Verified track record · Kiwoom Securities statements · Oct 2021 – Oct 2026
₩241.9M

Total value created from ₩65.9M of starting capital: ₩176.0M of profit, of which ₩85.0M has already been withdrawn.

3.67×Multiple on invested capital
+336%Cumulative returnKOSPI +102%
34.3%CAGR, time-weightedKOSPI 15.1% · +19.2%p a year
32.1%IRR, money-weightedAfter every deposit and withdrawal
87%Winning exits20 of 23 sells · profit factor 12.6×
Growth of ₩100Extriver listed portfolioKOSPI
010020030040050060020222023202420252026 Peak 571 · 2026-05 436 202
Monthly returns36 of 61 months positive
+30%−30%2021-11 -3.7%2021-12 +1.3%2022-01 -0.1%2022-02 +1.2%2022-03 +3.8%2022-04 +0.2%2022-05 +1.1%2022-06 -6.7%2022-07 +0.4%2022-08 +11.6%2022-09 -4.8%2022-10 +3.2%2022-11 +0.1%2022-12 -6.3%2023-01 -2.4%2023-02 +4.7%2023-03 -1.5%2023-04 -4.2%2023-05 -4.6%2023-06 +1.8%2023-07 -1.7%2023-08 -3.5%2023-09 -4.4%2023-10 -13.2%2023-11 +19.5%2023-12 +0.1%2024-01 -10.0%2024-02 +1.2%2024-03 +2.2%2024-04 +10.5%2024-05 -0.9%2024-06 +12.9%2024-07 +26.2%2024-08 -5.2%2024-09 +3.1%2024-10 -0.3%2024-11 +15.6%2024-12 +6.6%2025-01 -0.8%2025-02 +0.6%2025-03 +3.8%2025-04 +7.8%2025-05 +1.3%2025-06 +5.5%2025-07 +13.6%2025-08 +3.1%2025-09 +12.4%2025-10 +17.1%2025-11 -8.7%2025-12 +8.8%2026-01 +24.5%2026-02 +33.3%2026-03 -10.4%2026-04 +8.5%2026-05 +26.1%2026-06 -8.8%2026-07 -11.1%2026-08 -0.3%2026-09 +3.6%2026-10 -8.9%
Profit by position₩175.6M
  • Samsung Electronics₩105.5M · 60.1%
  • HD Hyundai Heavy Industries₩61.6M · 35.1%
  • Korea Zinc₩5.6M · 3.2%
  • Daehan Shipbuilding₩2.8M · 1.6%
  • Nota₩0.1M · 0.1%
Featured investment005930 · KOSPI

Samsung Electronics

The position was built around the memory cycle. Inventory, contract pricing, and AI-related demand indicators pointed to a recovery before it was reflected in consensus earnings.

Accumulated 1,000 shares at ₩55,400–57,200 between November 2024 and January 2025, then scaled out as the stock re-rated to ₩354,000. 400 shares are still held at an average cost of ₩182,496.

Research processRegime model → Industry cycle analysis → Valuation scenarios → Position sizing
Holding period
Nov 2024 – Present
Realized return
+115%
Unrealized
+30.1%
Profit
₩105,500,000
Thesis type
Cyclical / Growth
Industry
Semiconductors
Public Equity329180 · KOSPI

HD Hyundai Heavy Industries

Shipbuilding upcycle driven by fleet replacement and LNG carrier demand, identified through regime and order-backlog analysis.

Industry
Shipbuilding
Holding period
Jul 2023 – May 2026
Entry → avg. exit
₩139,800 → ₩337,387
Return
+142%
Profit
₩61,600,000
Trade log (9)
  1. Buy310₩139,800
  2. Sell110₩208,000
  3. Sell50₩230,000
  4. Sell50₩218,000
  5. Sell5₩461,000
  6. Sell50₩612,000
  7. Sell15₩596,000
  8. Sell10₩436,500
  9. Sell20₩655,000
RegimeOrder backlogMargin cycle
Public Equity005930 · KOSPI

Samsung Electronics

Memory-cycle recovery positioned with inventory, pricing, and AI-driven demand indicators.

Industry
Semiconductors
Holding period
Nov 2024 – Present
Avg. buy → avg. sell
₩105,332 → ₩158,466
Return
+115%
Profit
₩105,500,000
Trade log (12)
  1. Buy400₩55,400
  2. Buy600₩57,200
  3. Sell400₩71,800
  4. Sell160₩154,725
  5. Sell100₩205,000
  6. Sell90₩180,400
  7. Sell80₩210,500
  8. Buy300₩210,500
  9. Sell40₩354,000
  10. Buy70₩352,500
  11. Sell100₩325,000
  12. Held400₩237,500
Memory cycleValuationMacro
Public Equity010130 · KOSPI

Korea Zinc

Strategic-metals exposure and ownership-structure events evaluated with financial and scenario analysis.

Industry
Non-ferrous Metals
Holding period
Oct 2021 – Oct 2024
Avg. buy → avg. sell
₩575,143 → ₩614,964
Return
+14%
Profit
₩5,600,000
Trade log (5)
  1. Buy40₩552,000
  2. Buy30₩606,000
  3. Sell35₩454,500
  4. Sell20₩778,000
  5. Sell15₩772,000
ScenarioCommoditiesGovernance
Public Equity439260 · KOSPI

Daehan Shipbuilding

Mid-size tanker builder within the same shipbuilding regime, sized as a secondary cyclical position.

Industry
Shipbuilding
Holding period
Aug 2025 – Jun 2026
Avg. buy → avg. sell
₩70,916 → ₩73,447
Return
+3%
Profit
₩2,800,000
Trade log (7)
  1. Buy30₩89,200
  2. Sell30₩83,000
  3. Buy1,000₩68,080
  4. Sell201₩95,649
  5. Sell299₩87,800
  6. Buy150₩86,163
  7. Sell650₩59,538
RegimePeer analysis
Source & method

All figures reconcile to Kiwoom Securities transaction statements (Oct 2021 – Oct 2026; prices as of 12 Oct 2026). Return is profit divided by the cost of shares sold, net of commissions and transaction tax; profit includes dividends and, for open positions, unrealized gains. Also traded: Nota (486990 · KOSDAQ), an IPO round-trip in Nov 2025 for +₩0.1M. USD figures converted at ₩1,400.

Broker statements and full trade log ↗